Envestnet Portfolio Solutions Inc. Reduces Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,237 shares of the company's stock after selling 1,093 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Elevance Health were worth $11,847,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $25,000. Flagship Wealth Advisors LLC acquired a new stake in Elevance Health during the 4th quarter worth approximately $26,000. OFI Invest Asset Management acquired a new stake in Elevance Health during the 4th quarter worth approximately $29,000. WealthTrak Capital Management LLC bought a new stake in Elevance Health during the 4th quarter worth approximately $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in Elevance Health in the 4th quarter valued at approximately $30,000. Institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ELV shares. Barclays dropped their price target on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research report on Monday, June 2nd. Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a report on Wednesday, June 4th. Robert W. Baird reaffirmed a "neutral" rating and set a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Truist Financial set a $500.00 price objective on Elevance Health and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, Mizuho boosted their price objective on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $498.87.

Elevance Health Stock Down 0.6%

NYSE ELV traded down $2.20 during mid-day trading on Friday, hitting $373.71. The company's stock had a trading volume of 2,939,325 shares, compared to its average volume of 1,571,558. The firm has a market capitalization of $84.43 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 0.96 and a beta of 0.60. The company's 50 day simple moving average is $398.68 and its 200 day simple moving average is $399.12. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health, Inc. has a twelve month low of $357.45 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. The firm had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. Analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Tuesday, June 10th. Elevance Health's payout ratio is currently 26.69%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.